Discussions around reducing dependency on non-European technology have intensified. Most remain at the level of positioning, policy, or isolated initiatives.

The approach here is execution through capital allocation.

An investment vehicle is being prepared to support the construction of a European technology stack, covering the full chain from foundational layers to applications:

• chips, embedded systems, and BIOS
• operating systems and infrastructure layers
• applications and AI

The strategy is structured in three stages.

The first stage focuses on startups and fallen angels. These are early initiatives or discontinued efforts with technical depth that can be reactivated or restructured. Typical tickets are €250k at very early stage, and €500k in co-investment rounds.

The second stage targets growing companies with established products and initial market traction. These are businesses that require capital to scale operations, strengthen positioning, and integrate into a broader European stack.

The third stage extends to publicly listed companies. The objective is to reinforce strategic capabilities and ensure that critical components of the technology stack remain anchored in Europe.

Rather than concentrating capital in a limited number of high-profile bets, the approach is to build a distributed portfolio across layers and maturity stages, enabling the gradual construction of interoperable capabilities.

The vehicle is currently being structured, with the objective of enabling direct investment into key technological building blocks across Europe.